How ‘money dysmorphia’ is driving Gen Z into debt

Recent research has revealed that almost half of young people today are obsessed with the idea of being rich because they’re comparing themselves to wealthy social media influencers. And, in an attempt to keep up, they’re making poor financial decisions and spending far beyond their means.

According to recent research from Qualtrics, almost half of young people today are obsessed with the idea of being rich.

Findings show that 44 per cent of Gen Z feels this way, compared to the average of 27 per cent among other demographics.

This, as the study explains, is a result of social media’s influence, namely the wealthy content creators on platforms like TikTok, YouTube, and Instagram who continuously rub their lavish lifestyles in the faces of their dedicated followers with videos of designer clothing hauls, luxury trips abroad, and sports car collections worth a decade of rent.

While setting unrealistic standards and flaunting affluence is nothing new, it’s only during the last few years that the repercussions of doing so online have become known.

With comparison culture rife – and Gen Zers all too familiar with its grasp – more and more young people are ignoring their bank balances and spending far beyond their means as they aspire to have what the Internet personalities they look up to (and ironically fund) have.

‘All day long, we absorb messages from what we read, hear and see around us. Some of us may be more susceptible than others to these messages, but most of us internalise them in some shape or form,’ says BACP accredited counsellor, Georgina Sturmer.